Section 400.9-602

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, 2 histories, see footnote   (history) 

  400.9-602.  Waiver of variance of rights and duties. — Except as otherwise provided in section 400.9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, a secured party may not require the debtor or obligor to waive or vary the rules stated in the following listed sections:

  (1) Section 400.9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;

  (2) Section 400.9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

  (3) Section 400.9-607(c), which deals with collection and enforcement of collateral;

  (4) Sections 400.9-608(a) and 400.9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;

  (5) Sections 400.9-608(a) and 400.9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;

  (6) Section 400.9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;

  (7) Sections 400.9-610(b), 400.9-611, 400.9-613 and 400.9-614, which deal with disposition of collateral;

  (8) Section 400.9-616, which deals with explanation of the calculation of a surplus or deficiency;

  (9) Sections 400.9-620, 400.9-621 and 400.9-622, which deal with acceptance of collateral in satisfaction of obligation;

  (10) Section 400.9-623, which deals with redemption of collateral;

  (11) Section 400.9-624, which deals with permissible waivers; and

  (12) Sections 400.9-625 and 400.9-626, which deal with the secured party's liability for failure to comply with this article.

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(L. 2001 S.B. 288)

Effective 7-1-01